-- Crude oil prices declined sharply on Friday after Iran declared the Strait of Hormuz "completely open" for commercial vessels.
Front-month Murban crude futures dipped over 8% to $93.46 per barrel, while Brent futures declined more than 10% to $89.19/bbl.
"In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran," Araghchi posted on X.
Trump said on Thursday that Iran "wants to make a deal," signaling potential progress in negotiations between the two countries.
Trump shared the remarks while speaking to reporters outside the White House, shortly after posting on Truth Social about the 10-day ceasefire between Israel and Lebanon.
However, with OPEC production at a 20-year low and the Strait of Hormuz effectively shut, experts warned that global energy recovery could take up to two years.
Despite the diplomatic optimism and a new 10-day Israel-Lebanon ceasefire, the International Energy Agency reportedly warned Europe faces a jet fuel collapse within six weeks if Middle East shipping blockades persist.
While rumors of a deal circulate, the Strait of Hormuz remains effectively blocked, leaving crude stranded at sea at levels higher than pre-war averages.